Bitcoin Price Analysis: The price of Bitcoin is still at risk of falling below $100,000 amid weak rebound.
Bitcoin is trying to recover after the recent decline, trading at the level of $105,000. This recovery comes after a sharp drop in demand, but it now faces strong resistance in terms of overall cost and a decline in network participation. Buyers are stepping in, but the market structure indicates that this rise may be just a temporary spike unless trading volume increases.
Technical Analysis
By Shayan
Daily Chart
The daily chart shows a price reaction from a major demand area near $100,000. After a strong rejection from the $114,000 area, Bitcoin recorded a lower low, and is now re-testing a previous breakdown level, turning into a significant supply zone ranging between $106,000 and $110,000. Both the 100-day (yellow) and 200-day (blue) moving averages have also flipped above the current price, turning into dynamic resistance.
Moreover, the Relative Strength Index (RSI) remains below the 50 level, indicating weak momentum currently. If buyers can reclaim the buy orders barrier at $110,000 and hold above it, the next resistance level is at $114,000. Meanwhile, failing to reclaim this barrier may push the price to the $100,000 area or lower
